Compliance

Introduction Effective GRC (Governance, Risk, Compliance) frameworks help Cambodian organizations navigate complex regulatory environments while managing risks. GRC Components Governance Board-level cybersecurity oversight Clear policies and procedures Ethical business practices Risk Management Risk assessment methodologies Risk appetite statements Third-party risk management Compliance Regulatory mapping Control frameworks Audit readiness Cambodia-Specific Considerations Regulatory Environment: Adapting to evolving laws Cultural Factors: Local business practices Resource Constraints: Implementing cost-effective solutions Implementation Steps Conduct maturity assessment Align with business objectives Develop phased implementation plan Train staff at all levels Establish monitoring mechanisms Case Study Example of a Cambodian bank successfully implementing ISO 31000 risk management framework. ...

Introduction Cambodia is developing its data protection framework to align with international standards while addressing local needs. This post examines the current legal landscape. Current Regulations Law on E-Commerce (2019): Contains provisions on data protection Sub-Decree on Data Protection (Draft): Expected to be enacted in 2025 Sector-Specific Rules: Banking and telecom regulations with data provisions Key Requirements Consent: Obtaining clear user consent for data processing Purpose Limitation: Using data only for specified purposes Data Localization: Requirements for certain types of data Compliance Challenges Lack of comprehensive standalone data protection law Limited awareness among local businesses Enforcement mechanisms still developing Recommendations Conduct data mapping and inventory Implement privacy-by-design principles Prepare for upcoming regulations Appoint data protection officers where needed Conclusion While Cambodia’s data protection regime is evolving, businesses should proactively adopt best practices to ensure compliance. ...